FORT WORTH, Texas — Distribution Solutions Group Inc. announced Tuesday that its board of directors has approved and declared a two-for-one split of the company’s common stock, $1 par value per share.
The stock split will entitle each stockholder of record as of the close of business on Aug. 25 to receive one additional share of common stock for each share of common stock then held, to be distributed by the company’s transfer agent Computershare after the close of trading on Aug. 31. Stockholders do not need to exchange existing stock certificates to receive additional shares.
Based on the number of shares of common stock currently outstanding, the company will have 46,699,470 shares of common stock outstanding on a split-adjusted basis and anticipates the shares to begin trading on the Nasdaq Global Select Market on a split-adjusted basis at the start of trading hours on Sept. 1. Any shares of common stock purchased between the Aug. 25 and Aug. 31 will come with a “due-bill” entitling the buyer to one additional share for each shares of common stock purchased.
“We believe that the two-for-one stock split demonstrates our continued confidence in the long-term growth and financial performance of DSG," said DSG Chairman and CEO Bryan King. "We anticipate that the adjusted price per share, resulting from the stock split, will help promote new investor interest and continue to enhance our stock’s liquidity in the market.
"We view this stock split as further evidence of our commitment of enhancing shareholder value, building long-term profitability and generating incremental cash flow.”
